Used car prices fall across the board, reports Autorola

Time 9:38 am, July 16, 2019

THE PRICES of used diesels, petrols, hybrid and electric cars all fell during the second quarter of this year, according to a report published today by Autorola.

An increase in part-exchanges from the new 19-plate in March and the general apathy caused by Brexit helped contribute to the price fall of used cars sold via the online remarketer’s portal, it said.

Average used diesels fell by £1,317 from £13,385 in the first quarter to £12,068 in the second three months, following a similar price pattern to the second quarter in 2018, while used petrols fell by £555 from £10,435 in the first quarter to £9,880 in the second quarter.

Average age and mileage of used diesels and petrols remained static at 34 months and 28,637 miles, and 32 months and 18,187 miles respectively.

Jon Mitchell

Used electric and hybrid prices fell by £780 from £17,455 in the first quarter to £16,675 in the second quarter, with average age increasing from 16 to 18 months and mileage remaining static at 7,813 miles.

After seeing a record number of used electric and hybrid used cars sold online in the first quarter, stock availability and choice was very restricted during the second quarter, it said, which helped contribute to the fall in prices.

Jon Mitchell, Autorola UK’s group sales director, said: ‘It has been an unusual quarter, with some large dealer group and car supermarket buyers putting a stop on purchasing used stock in April based on the uncertainty caused by Brexit.

‘May and June were much more consistent with buyers investing in used stock again, while dealer vendors made decisions on which part-exchanges to keep and which ones to sell, which injected life into the market.

‘We hope to see the used car market return to business as usual in the third quarter.’

MORE: Ford Ka was UK’s fastest-selling used car in 2018 

MORE: Arval joins forces with Autorola to run weekly online used auctions

Car Dealer Magazine's avatar

Car Dealer has been covering the motor trade since 2008 as both a print and digital publication. In 2020 the title went fully digital and now provides daily motoring updates on this website for the car industry. A digital magazine is published once a month.

More stories...

Server 51